US Crude kicks off the week under selling pressure [Video]
The week starts with a relief rally in equities following a calm weekend on the geopolitical scene. The US 2-year yield pushes above 5% ahead of US GDP and PCE updates. Four of Magnificent 7 are due to report earnings this week.
US crude kicks off the week under selling pressure, near the $81.50pb level. The US 2-year yield has been testing the 5% level since 10th of April and looks ready to go above this week.
The S&P 500 had their worst week in over a year after less-than-ideal ASML and TSM results hammered appetite in chip stocks last week. This week, 4 of the Magnificent 7 companies will be revealing their Q1 results: Microsoft, Google, Meta and Tesla.
And if the tech stocks can’t boost appetite, the rest of the S&P 500 will hard it hard to do so. The S&P500 index is expected to print a 4% earnings decline in Q1 – a decent contrast with the +38% expected for the Magnificent 7. And among the Magnificent 7, Tesla and Apple don’t look promising. So all hopes rely on 5 stocks. 5 stocks will determine where the S&P500 should be headed next.
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